Chamber of low-cost housing projects after Demonetisation. In the January-March quarter this year, home buyers had to face the difficulties after the Demonetisation, but despite this, they have not changed the decision to buy their dream house. In January-March, primary residual sales of the top eight cities of the country have registered an increase of 21% compared to the previous quarter. According to the Real Estate Data Agency, License Foras Real Estate Rating and Research data, this growth is led by growth rate of 47%, 43% and 30% respectively with a growth rate.
In these eight cities, about 61,214 units were sold during January-March. This figure was 50,788 units in the October-December quarter. But on the year-on-year basis, growth was less than 5% as the market in Chennai and Bengaluru was weak. Delhi-NCR contributed the most in sales with 14,983 units. After this, sales of NCR and Mumbai in the January-March quarter with sales of 14,505 units of Mumbai Metropolitan Region increased by 24.5% and 23.6% respectively. However, in Housing unit sales in Chennai and Bangalore respectively, 35% and 44% decrease respectively.
The CEO of the country’s largest non-bank mortgage lender HDFC, Keki Mistry said that property sales slowed down in November and December shortly after the ban on bondage. However, new applications for home loan started to grow in January and it has increased by 21% compared to December. The increase in February was 16% and in March it was 44%.
Prices have decreased also, but it is not as much as expected after the ban on bondage. In Chennai, the prices of residential properties have increased by more than 5% over a year ago. Prices have increased by 4% in Hyderabad. Prices in Pune, Kolkata and NCR have come down by 3%, 2% and 1% respectively.